Goods and Service Tax – GST – By: – Bimal jain – Dated:- 8-10-2015 Last Replied Date:- 30-12-1899 – Dear Professional Colleagues, Draft GST Reports on payment process, refund process and registration on public domain The much talked about Goods and Services tax ( GST ) regime – Single biggest tax reform since Independence has been creating a buzz amongst all stake holders, eagerly waiting for the winter session of the Parliament to commence with the hope that the much awaited Constitutional (122nd Amendment) Bill, 2014 on GST ( 122nd CAB or GST Bill ) will be passed, which will pave the way for GST in the Country. The 122nd CAB was passed by the Lok Sabha on May 6, 2015 with 2/3rd majority, but could not be passed by the Rajya Sabha in the
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rket and reduce the cascading effect of taxes on the cost of goods and services. GST will have a far-reaching impact on almost all the realms of business operations in our country. It will impact tax structure, tax incidence, tax computation, supply chain optimization, credit utilization, compliance system etc., leading to a complete overhaul of the current indirect tax system. In order to engage with the stakeholders and invite comments from the public at large, Ministry of Finance has decided to make available the Draft Business Processes of GST. Following are the Draft Reports on GST available on public domain for virtual feedback of the public: Report of the Joint Committee on Business Processes for GST on Refund Process; Report of the
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